South Dakota § 9-25-13 Maximum amount borrowed on promissory note.

South Dakota Statutes

§ 9-25-13 — Maximum amount borrowed on promissory note.

South Dakota·Title 9 MUNICIPAL GOVERNMENT·Ch. 9-25 MUNICIPAL BONDS AND NOTES

The money borrowed pursuant to § 9-25-12 may not exceed the sum of ninety - five percent of the amount of anticipated special assessment bond proceeds or may not exceed the sum of ninety - five percent of the amount of uncollected taxes levied by the municipality for the current fiscal year plus other receivables of the fund, including state or federal grant moneys, which have been earned by the municipality or committed by the state or federal governments but not collected at the date of borrowing.

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The money borrowed pursuant to § 9-25-12 may not exceed the sum of ninety - five percent of the amount of anticipated special assessment bond proceeds or may not exceed the sum of ninety - five percent of the amount of uncollected taxes levied by the municipality for the current fiscal year plus other receivables of the fund, including state or federal grant moneys, which have been earned by the municipality or committed by the state or federal governments but not collected at the date of borrowing.

South Dakota § 9-25-13 (Maximum amount borrowed on promissory note.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.